Posted 4/4/2024, 4:32:25 PM
Mortgage Rates Hold Steady Below 7%, But Affordability Squeeze Continues
- Average 30-year fixed mortgage rate rose slightly to 6.82% this week, staying below 7% for much of this year
- Rates fluctuating in recent weeks but remain high by historical standards, limiting affordability
- Experts expect rates to ease this year but not until Fed starts cutting interest rates
- Home sales strengthened in February but still down from pre-pandemic levels due to higher rates
- Refinancing costs dropped this week, with average 15-year fixed mortgage rate declining to 6.06%
